Colibri Selects Drillers for Maiden Drill Program at Evelyn Gold Project

Dieppe, New Brunswick--(Newsfile Corp. - February 4, 2020) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") is pleased to announce that it has contracted Major Drilling for its maiden drilling program at its Evelyn Gold Project located 60 km NW of Caborca, Mexico.

The Evelyn Gold Project lies in the prolific "Caborca Gold Belt" which hosts many mines and deposits including La Herradura, Mexico's largest gold mine which produced 474,168 ounces of gold in 2018 at an average grade of 0.80 g/t Au (25km west of Evelyn) and Noche Buena mine which produced 167,208 oz Au at an average grade of 0.52 g/t Au in 2018 (9km south west of Evelyn) (www.fresnilloplc.com).

The initial 5 hole diamond drilling program will focus on testing the high priority targets that were selected by Aurometallum Geology Consulting Services and Colibri geologists. Aurometallum completed a geological, geochemical, and structural mapping study at Evelyn in late 2019 and has identified two mineralized corridors of strong initial interest. These corridors have now been named "Cerro Rojo" and "El Sahuaro" (CBI press release December 3, 2019).

The first two planned holes will test the area encompassing the "Saddle Vein" in the Cerro Rojo where previously announced grab samples in the area of the two holes have assayed up to 43.9 g/t Au (CBI press release June 3, 2019). The Cerro Rojo mineralized corridor measures 1200 meters by up to 500 meters.

A third hole within the Cerro Rojo will test a fault zone where previously announced chip samples returned up to as 0.98 g/t and soil samples run up to 0.251 g/t Au (CBI press release December 3, 2019).

Drilling of two holes at the El Sahuaro will test areas of shearing. The El Sahuaro mineralized corridor area measures approximately 950 meters by 350 meters with chip sample assays up to 4.81 g/t Au and soil samples up to 0.40 g/t Au (CBI press release June 3, 2019).

Final drill permitting for this program is expected to be received shortly and an update will be released upon its receipt.

Qualified Person and NI 43-101 Disclosure

Jackie E. Stephens, P. Geo for Colibri, is the Qualified Person, (as defined in NI 43-101), who has reviewed and approved the technical information in this press release.

Figure 1

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About Colibri Resource Corporation:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico. The Company currently has five active exploration properties at various stages of exploration.

For more information about all of our projects please visit: www.colibriresource.com.

We seek safe harbour.

For further information: Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.com

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52100